NATURAL DIAMOND COUNCIL
EU defers ban on Russian diamonds by six months
A few other relaxations, like ring-fencing old stocks, announced by the European Commission, the executive arm of the EU, would give a further breather to the local diamantaires which constitute the world's largest importer of rough diamonds. According to a statement issued by the Commission on Monday, the ban on import of Russian diamonds would not extend to either rough or polished stones which were there in the EU and other countries (like India) before the beginning of the sanctions in March 2024.
Make India key node to verify origin of diamonds, Indian officials tell EU
At a meeting in Brussels last month, the Indian trade body, senior government officials and Indian customs officials have told the European Union authorities that India, which imports about 90% of rough stones mined in the world, should be a key nodal checkpoint to verify whether diamonds mined in Russia are sneaking into the affluent markets whose governments are backing the sanctions.
Plain gold jewellery exports increases as overall gems and jewellery exports decline 11.3% in April 2024
The export of plain gold jewellery increased by 27.45% to USD 342.27 million in April 2024. Studded jewellery exports are positive, but cut & polished diamond exports declined. Anticipated growth in diamond and silver jewellery exports is expected post FTAs with UAE, Australia, and EFTA.
Indian diamond jewellery market to grow to US$ 17 bn by 2031
Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
UAE, Bahrain account for over 85% of India's plain gold jewellry exports in FY24
In FY24, India witnessed a significant surge in plain gold jewellery exports, notably to UAE and Bahrain, comprising over 85% of the total, reaching $6,792.24 million. Total gold jewellery exports rebounded by 46.91% in the latter half of the year after a decline in the first half. Chairman of GJEPC, Vipul Shah, credited this growth to pragmatic foreign trade agreements like the India-UAE CEPA.
Russia and West join forces to tackle trade in 'blood diamonds' despite feud over Moscow's diamonds
US, allies, Russia back Kimberley Process at U.N. Angola, Sierra Leone, Liberia's wars led to 2003 certification. Zimbabwe's Albert Chimbindi renews commitment. EU's Clayton Curran condemns Russia. Alexander Repkin criticizes Western countries.
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Top jewellery chains shy away from lab-grown diamonds amid lack of consumer interest
Top jewellery chains like Kalyan Jewellers and Tanishq are hesitant to adopt lab-grown diamonds due to low demand. Despite the growing popularity globally, Indian retailers like Joyalukkas remain cautious about integrating LGDs into their stores.
Diamond cos tread on rule minefield; face compliance burden under new sanctions regime
Diamond houses in India are facing scrutiny under the new sanctions regime that began on March 1 to block Russian gems from affluent western markets. The Gem & Jewellery Export Promotion Council (GJEPC) has circulated guidelines and formats of self-declarations that diamond firms shipping to the US and EU must share with their buyers to avoid trouble.
Lab-grown diamonds put natural gems under pressure
Lab-grown diamonds are reshaping the global diamond jewelry market, with production volumes growing rapidly. They offer lower costs, clean records, and are gaining popularity for engagement rings. The industry has faced challenges, but falling prices have spurred demand, especially in Mumbai.
Interim Budget 2024: Gem and jewellery sector roots for lower import duties & skill development
The industry, which contributes about 10% to the country's merchandise exports and employs nearly 5 million people, has seen a fall in exports recently, and this requires attention of the government.
Budget 2024: GJEPC suggests safe harbour for sale of rough diamonds in Special Notified Zones
Union Budget: The Gem & Jewellery Export Promotion Council (GJEPC) has suggested the introduction of a Safe Harbour Rule for the sale of rough diamonds in Special Notified Zones (SNZs), as well as the implementation of a Diamond Imprest License and a reduction in import duty on cut & polished diamonds. These measures would allow India to become a trading hub like Dubai and Belgium, enabling Indian diamond manufacturers to access trading hubs without traveling abroad.
India to lead global natural diamond demand in 2024
India is expected to lead the global natural diamond demand in 2024 due to its strong financial position and changing demographics. The Natural Diamond Council (NDC) has pegged the global diamond market at $100.4 billion. The Indian market remains the strongest growth market in the world, with Indian women becoming financially stronger and driving demand.
What’s driving a return to maximalism in the luxury sector?
Maximalism has taken centre stage in the fashion world, replacing the quiet luxury trend of 2023. Luxury brands are embracing bold colours, edgier silhouettes, and a resurgence of logomania.
Sparkling revival: US consumer appetite for solitaires boosts India's diamond trade
“Natural diamond jewellery sales were up 5.1% by units and 4.7% by revenue in November, when holiday purchases picked up in the US. Loose diamond unit sales rose 16% in November on a year-on-year basis," said Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC).
EU adopts 12th package of sanctions against Russia
The package focuses on a Russian-origin diamond import ban as well as imposing additional import and export bans on Russia, combating sanctions circumvention and closing loopholes, it said.
Diamond houses hope to cut through slump in next four months
The trade that suffered a 30% drop in prices of natural stones and dealt with over 50% slide in lab-grown diamond (LGD) prices in the past one year, is in touch with global mining giants like DeBeers for marketing assistance after putting a temporary ban on imports.
Last nail in coffin? Israel-Hamas conflict makes diamond players ask if they should revisit trade strategy
The battle in West Asia in itself would not have worried India’s diamond cutting and polishing units. But it is a blow to an industry already hit by the Russia-Ukraine conflict and falling global demand.
GJC against ban on import of rough diamond
The All India Gem and Jewellery Domestic Council (GJC) is against banning the import of rough natural diamonds until December 15, as it could lead to a rise in the price of the precious stone in the domestic market during the festive season. GJC, which represents over three lakh gem and jewelry businesses, plans to discuss the ban's potential adverse impact and may write to the government expressing their concerns.
Rs 5 lakh solitaire diamond available at a discount of Rs 1.5 lakh: Prices drop 35% to 2004 levels
The prices of polished diamonds have significantly dropped, creating favorable circumstances for buyers in India and abroad. This price correction has opened up new opportunities for Indian buyers and businesses to attract buyers from countries like the US, the UK, and China. The current prices now match those of 2004 for specific qualities of one-carat diamonds.
Indian traders to stop rough diamond imports for 2 months as demand dips
The Indian diamond trade has decided to halt imports of rough diamonds from major mining companies for two months starting from October 15. This decision comes as the demand for cut and polished diamonds in the US and China has been slowing down. The move aims to reduce the industry's polished stock inventory, protect its financial health, and save jobs for approximately two million workers.
Diamond industry associations ask members to temporarily stop import of rough diamonds
The gems and jewellery industry in India has urged its members to stop importing rough diamonds for two months starting from October 15. This move comes as a result of slowing global demand and rising inventories of domestic players. The circular, issued jointly by various industry associations, highlighted the decline in exports and the increase in inventories of polished diamonds.
Indian diamantaires seek pause on rough stones' supply
The overall gross exports of cut and polished diamonds between April and August of FY24 was $ 7028.31 million - a decline of 30.27% from $10079.94 million in the year-ago period. The import of rough diamonds has also dipped to $6428.13 million during the period from $7865.40 million during the same period of the previous financial year.
Exports of lab-grown diamonds slump 28.57% YoY despite government backing
Manufacturers of lab-grown diamonds (LGD) – which are 80% cheaper than natural diamond – also claimed that export volumes have increased with the US being the largest importer. They attributed the fall in export value to price instability after several new players entered the market.
Shining bright: Why Indian exports of lab grown diamonds have risen six-fold in three years
LGDs have been gaining traction globally because of factors such as price and awareness about conflict diamonds. Being more self-reliant in the trade and investing significantly in R&D can take things up a notch for India.
PNB buries ghost of 2018 to fund lab diamonds
Under the new policy that was finalised a few weeks ago, the public-sector bank would give working capital as well as term loans to manufacturers of lab-grown stones against 100% collateral security and high internal rating of the borrower, said a person familiar with the bank's internal circular.
US demand to lift India's lab-made diamond exports to $8 billion
Exports of polished lab-grown diamonds may double in the current financial year started April 1 from $1.3 billion in the prior year, Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council, said in an interview. “We have a huge potential to grow exports to $7 billion-$8 billion in the next few years on the back of US demand and acceptability in the UK and Australia,” he said.
Lab-grown diamonds come to the rescue of 2.5 lakh workers in Surat
Exports of lab-grown diamonds have increased by 108.27 per cent in FY22 as compared to FY21. The diamond trade has also urged the commerce minister to bring lab-grown diamond under PLI (production-linked incentive) scheme as it has an export potential of Rs 40,000 crore within next five years.
Mismatched diamonds: One jewellery trend you must add to your closet
Vintage cuts and classic hoops are getting a fresh twist this season.
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